Word: metallize
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Dates: during 1980-1989
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With the Reagan Administration about to launch the biggest peacetime defense buildup in U.S. history, the skilled labor shortage threatens to create crippling and inflationary production bottlenecks. Without experienced workers, there is no way to shape and mold the thousands of metal parts that go into fighter planes and new tanks, into cruise missiles and Trident submarines. Northrop Corp., which co-produces the F/A-18 Hornet fighter, is already short of such specialized tradespeople as jig-and-fixture experts and plaster patternmakers. Says Donald Smith, director of the University of Michigan's industrial development division: "A recovering economy...
...issue: should the interests of a small group, righteous as its cause may be, prevail over other interests that may affect the well-being of far more people, even that of the whole country? The resource is molybdenum (moly, as friend and foe both call it), a strategic metal used not only to strengthen steel but to make fertilizer, rubber, lubricants, plastics and paints. Just three miles from Crested Butte's Main Street, deep inside 12,414-ft. Mount Emmons, lies buried what may be one of the richest molybdenum deposits in the world, worth some $4 billion...
Mount Emmons, known locally as the Red Lady because of its blushing rouge color, is partly within a public preserve managed by the Forest Service. In 1977, under U.S. mining laws dating back to the gold and silver booms of the late 19th century, AMAX (formerly American Metal Climax Inc.), the world's largest molybdenum producer, began staking claims to the deposits, as well as buying some of the privately held land outright. Things have not been the same in Crested Butte since. AMAX went to unusual lengths to calm local fears, even hiring psychologists to study the social...
Probably the most difficult part of any return to gold would be to establish a suitable price for the yellow metal. In the past decade, gold has been as low as $35 per oz., but in January 1980 it hit $850 per oz. If world leaders fixed the price of gold too low, it could result in a severe depression, because there would not be enough cash to keep the economy running smoothly. If the price was set too high, it could cause more inflation, because the gold would have created too much cash and credit. Roy Jastram, a professor...
...idea that a currency cannot be trusted unless it is backed by gold seems as durable as the metal itself. In the early 19th century, British Economist David Ricardo declared that without the gold standard the then mighty pound sterling would be at the whim of "all the fluctuations to which the ignorance or the interests of the issuers might subject...